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EU financier eyes Africa

President of European Bank for Reconstruction and Development (EBRD), Suma Chakrabarti

The European Bank for Reconstruction and Development is eyeing expansion into sub-Saharan Africa and new parts of the Middle East in the coming years that could raise its lending by as much as a third, its president told Reuters.

Set up in 1991 to invest in the ex-communist economies of eastern Europe and owned mainly by big Western governments, the EBRD has been rapidly expanding over the last decade to operate in more than 30 countries from Morocco to Mongolia.

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